In this week’s edition of the GoNoGo Charts show, Alex and Tyler examine the weight of the evidence and use GoNoGo to react responsibly to market trends. S&P 500 trends are in NoGo conditions across weekly, daily, and intraday timeframes. US Interest rates ($TNX) decisively broke out above July resistance on strong “Go” conditions. Higher rates have been headwinds for equities as investors digest further rate hikes from the Fed. Similarly, the US Dollar index (UUP) gapped higher today, accelerating the trend towards highs last seen in 2002. Oil (USO) is in a strong “NoGo” and diversified commodities (USCI) have fallen out of the Go trend to a neutral amber bar today.
This video was originally recorded on September 1, 2022. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android and more!